Jul 15, 2020 by Qanect
Qatar Islamic Bank (QIB) has announced the results for the six months’ period ended 30 June 2020. Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,426.5 Million for the six months’ period ended June 2020 in line with the performance during the same period in 2019.
Total Assets of the Bank now stands at QAR 165.8 Billion higher by 1.4% compared to December 2019 with a growth of 7.2% compared to June 2019 driven by the continued growth in the financing and investing activities.
Financing activities have now reached QAR 112.3 Billion having grown by 5% compared to June 2019. Customer Deposits of the Bank now stand at QAR 106.6 Billion in line with June 2019.
Total Income for the six months’ period ended 30 June 2020 was QAR 3,972 Million registering a growth of 6.4% compared to QAR 3,735 Million for the same period in 2019. Income from financing and investing activities has registered a growth of 5.2% to reach QAR 3,558 Million compared to QAR 3,382 Million for the first half of 2019, reflecting a healthy performance in its core operating activities despite the support provided to the customers impacted by Covid-19 pandemic.
Total expenses for the six months’ period ended 30 June 2020 was QAR 551 Million. Strict cost controls supported by higher operating revenues enabled further enhancement of efficiencies with cost to income ratio improving from 23.5% to 21.1% in the first half of 2020, the best in the Qatari Banking sector.
QIB’s efficient risk management framework has ensured that the results for the period ended 30 June 2020 have not been materially impacted by the events related to Covid-19. QIB was able to contain the ratio of non-performing financing assets to total financing assets at 1.4% reflecting the quality of the Bank’s financing assets portfolio. QIB continues to pursue the conservative impairment provisioning policy and has more than doubled the financing impairment charges to QAR 602 Million in the first half of 2020 compared to QAR 298 Million in 2019 and continues to maintain 100% coverage ratio for non-performing financing assets. The Bank continues to take necessary actions and precautions for safety and well-being of its employees, customers and to the community at large.
Total Shareholders’ Equity of the Bank has reached QAR 16.8 Billion up by 7.6% compared to June 2019. Total Capital adequacy of the Bank under Basel III guidelines is 18.6% as of June 2020, higher than the minimum regulatory requirements prescribed by Qatar Central Bank and Basel Committee.
In June 2020, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at “A1” with a Stable outlook. In November 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook. In April 2020, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ with a Stable outlook. In May 2020, Capital Intelligence Ratings (CI) has affirmed the bank’s Long-term Currency Rating (LTCR) of ‘A+’ with a Stable outlook.
In the first half of 2020, QIB has received 17 prestigious awards from well-respected international publications. As a testament to its leadership in the financial sector, QIB was awarded “Best Islamic Bank in the Middle East and Qatar” by The Banker magazine (Financial Times Group) as well as "Best Islamic Bank in Middle East and Qatar” and "World’s Best Islamic SME Bank" by Global Finance magazine. QIB received “Qatar's Best Digital Bank” and “Best Mobile Banking App” by The Asset magazine, a leading financial publication in Asia-Pacific. Furthermore, QIB received four awards from the Asian Banker magazine: “Best Islamic Retail Bank in the Middle East and Qatar”, “Best Digital Bank in Qatar” and “Best SME Bank in Qatar”. It has been also recognized as the “Best Islamic Bank in Qatar” by Islamic Finance News (IFN) readers, the world’s leading Islamic finance publication; and was named the “Best Islamic Bank in Qatar” in the Middle East Banking Awards, presented by EMEA Finance, the leading finance magazine in Europe, Middle East and Africa.
These awards come in recognition of the significant progress QIB has made in establishing itself as a leading banking institution in the Middle East, while cementing its leadership position in Qatar.
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